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AVI Global Trust PLC (AGT) Fair Value & Analysis

Financial Services · GB · Market cap 1.0B GBX · ISIN GB00BLH3CY60

AG AVI Global Trust PLC AGT · LSE
Price£2.64
Fair Value£3.93
Upside+48.9%
Quality69/100
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Strengths

Trades 33% below our fair value of £3.93
Highly profitable · 79.6% net margin
Low debt · generates free cash flow
Wide moat 67/100

Risks

!Weak Growth (revenue YoY −17.6 %/yr)
!Mixed vs. peers (6/13)
!Weak on past: 20 out of 100
Weak Growth (revenue YoY −17.6 %/yr)
Highly profitable · 79.6% net margin
Low debt · generates free cash flow
1.79% dividend yield
Mixed vs. peers (6/13)
Wide moat 67/100
Evidence: High Range £2.44 – £4.92 Share as image

Fair value as of: Aug 28, 2026

From 12 valuation models · updated today

Share price +3.5% over the past month.

A solid business, trading 33% below our fair value.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

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What matters now

  • Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (£2.44 to £4.92) leaves room in how you read the outcome.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

£2.72 £1.72 Fair Value £3.93 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 28, 2026.

How to read this chart

60‑month range £1.72 – £2.72 · fair‑value band £2.44 – £4.92 · the £2.64 price screens below the £3.93 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 28, 2026.

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Analysis

AVI Global Trust PLC (AGT) currently trades at £2.64, while our model-based Fair Value estimate is £3.93, implying the stock looks roughly 48.9% undervalued today. The Quality Score stands at 69/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, AVI Global Trust PLC generated revenue of £141M at a net margin of 84.9%. It earns a return on equity of 10.6%. Net debt stands at £88.6M. The stock trades on a trailing P/E of 9.4. Fundamentals as of Aug 28, 2026

Our scenario range runs from £2.44 (bear case) to £4.92 (bull case); at £2.64, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Financial Services peers we cover trades at -29% fair-value upside, at 49%, AGT screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF £0.8700 £1.50 £2.49 80
Residual Income £2.41 £2.63 £3.55 76
Rev-Margin DCF £0.7000 £1.20 £2.23 74
All 12 models by family
DCF Models
5Y P/E Exit £2.33 £5.63 £10.20 38
10Y P/E Exit £1.87 £4.75 £9.62 35
Earnings-Based
Graham-Dodd £2.06 £14.35 £20.14 54
Lynch FV £7.41 £10.59 £13.77 50
Dividend Discount
Gordon GGM £0.3400 £0.6200 £0.8500 70
DDM Multi-Stage £0.3400 £0.5700 £0.6600 61
Multiples
P/E Multiple £2.95 £3.93 £4.92 63
P/B Multiple £3.03 £4.04 £5.05 55
Asset-Based
NCAV (Graham) £1.44 £1.93 £2.89 50
Growth DCF
Growth DCF £0.8700 £1.50 £2.49 80
Rev-Margin DCF £0.7000 £1.20 £2.23 74
Economic Profit
Residual Income £2.41 £2.63 £3.55 76

Widest divergence: Earnings-Based (£10.59) versus Dividend Discount (£0.5700). Highest evidence: Growth DCF (80).

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Key figures & financial health

P/E ratio 9.4
P/S ratio 8.57 P/E × margin
EPS (TTM) £0.2800 price ÷ EPS = P/E 9.4
Dividend yield 1.7% payout 15.9%
Net margin 90.9% FY2025
Return on equity 5.0% TTM
More key figures
Profitability
Return on assets (EBIT) 9.3% avg 5y
Operating margin 109% TTM
Growth
Revenue (TTM) £66.9M TTM
Revenue growth (YoY) +13.3%
EPS growth (YoY) -96.9%
Balance sheet & cash flow
Free cash flow £27.0M FY2025
Net debt £88.6M FY2025 · ≈ 3.3 yrs of FCF

Figures from reported company fundamentals · as of Aug 28, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 69/100

Of which business quality 65 · Market factors (momentum, volatility) 60

Profitability 45
Margins and returns on capital today
Quality Growth 29
Are margins and returns improving?
Cashflow 64
Earnings quality: real cash, not paper profit
Fin. Strength 79
Balance sheet, leverage, solvency risk
Investment 80
Disciplined investing over empire-building
Low Volatility 98
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 55
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

AVI Global Trust plc is a closed-ended equity mutual fund launched and managed by Asset Value Investors Limited. The fund invests in public equity markets of countries across the globe. It seeks to invest in stocks of companies operating across diversified sectors. The fund primarily invests in value stocks of companies across all market capitalizations.

Full company description

AVI Global Trust plc is a closed-ended equity mutual fund launched and managed by Asset Value Investors Limited. The fund invests in public equity markets of countries across the globe. It seeks to invest in stocks of companies operating across diversified sectors. The fund primarily invests in value stocks of companies across all market capitalizations. It employs fundamental analysis with bottom-up stock picking approach with a focus on factors like companies trading on discounts to net asset value, good quality underlying assets with appreciation potential at compelling valuations, and balance sheet strength to create its portfolio. The fund benchmarks the performance of its portfolio against the Morgan Stanley Capital International All Country World ex-US Index, Morningstar Investment Trust Global Index and Morgan Stanley Capital International All Country World Index. It was formerly known as British Empire Trust Plc. AVI Global Trust plc was formed in July 1, 1889 and is domiciled in the United Kingdom.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

AVI Global Trust PLC reported revenue of £132M in FY2025 versus £302M in FY2021, a compound −18.7%/yr. Reported net income was £120M in FY2025, compounding −20.4%/yr from FY2021.

Growth Quality 26/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
£132M
Latest YoY
−17.6%
Avg. revenue growth/yr (22Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.3%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−0.2% (-1.9 + 1.7)
Revenue −18.7%/yr
FY21 £302M
FY22 −£108M
FY23 £135M
FY24 £161M
FY25 £132M
Net income −20.4%/yr
FY21 £300M
FY22 −£111M
FY23 £134M
FY24 £143M
FY25 £120M
Character of growth · EPS growth decomposed (2014-2025) +5.5 % p.a.
Revenue per share +6.3 pp

of which total revenue +1.3 pp · buybacks/dilution +5.0 pp

EBIT margin −0.5 pp
Tax rate −0.4 pp
Residual (interest, one-offs) +0.0 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "AVI Global Trust PLC Fair Value". https://www.fairvalue-calculator.com/stock/AGT.LSE

Peer Group

Asset Management · 724 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 68 · Top 25%
Return on equity (TTM) 5% · Below median
Return on assets 3% · Above median
Net margin (TTM) 80% · Top 25%
Operating margin (TTM) 109% · Top 25%
Revenue growth 13% · Above median
Dividend yield (TTM) 1.7% · Below median
Debt / equity 0.06× · Lower than median

Valuation Multiples vs Asset Management median · lower = cheaper

P/E (TTM) 9.4× · Cheaper than median
P/B 1.23× · Pricier than median
P/S (TTM) 21.13× · Pricier than 75% of peers
P/FCF 52.4× · Pricier than 75% of peers
EV/EBITDA 11.2× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 39
FUTURE66 · sector 14
PAST20 · sector 21
HEALTH97 · sector 96
DIVIDEND34 · sector 76

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Aug 28, 2026).

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $143.20 $52.88 -63%
Investor AB INVEB kr 414.75 kr 824.66 +99%
Brookfield Corporation BN C$58.60 C$7.74 -87%
KKR & Co KKR $108.50 $19.97 -82%
Apollo Global Management, Inc APO $133.67 $101.04 -24%
State Street Corporation STT $193.62 $138.33 -29%
Ameriprise Financial, Inc AMP $560.28 $515.24 -8%
Ares Management Corporation ARES $143.10 $30.88 -78%
Northern Trust Corporation NTRS $191.33 $122.02 -36%
Raymond James Financial, Inc RJF $176.69 $142.42 -19%

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Frequently asked questions

Is AVI Global Trust PLC (AGT) overvalued or undervalued?
As of Aug 28, 2026, our model estimates a fair value of £3.93 versus a price of £2.64, about +49% (undervalued).
What is the fair value of AGT?
Our model-based fair value for AVI Global Trust PLC is £3.93 (as of Aug 28, 2026), built from audited fundamentals. The current price: £2.64.
What is the quality score of AGT?
AVI Global Trust PLC has a Quality Score of 69/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of AVI Global Trust PLC (AGT)?
AVI Global Trust PLC reported trailing-twelve-month revenue of about £141M (latest available figure, as of Aug 28, 2026).
What is the net profit margin of AGT?
The net profit margin of AVI Global Trust PLC is about 84.9%, meaning it keeps roughly 84.9% of revenue as net income. Based on the latest reported figures.
Does AVI Global Trust PLC pay a dividend?
AVI Global Trust PLC currently shows a dividend yield of about 1.69% relative to its recent price (as of Aug 28, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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